Month: July 2022

Fears of a recession intensified further after data showed the economy contracted for a second straight quarter, making a strong case for defensive stocks for investors worried about slowing growth . GDP fell at an annualized rate of 0.9% in the second quarter after a 1.6% decline in the first three months of the year, hitting a widely accepted rule of thumb for a recession. Many on Wall Street believe it’s time to get defensive in the market in anticipation of corporate profits contracting. Defensive stocks tend to provide stable earnings and consistent dividends regardless of the state of the…

Content of the article Meta Platforms says it will no longer pay US news organizations to have their material appear on Facebook’s News tab as it reallocates resources in the face of the economic downturn and changing user behavior. Content of the article The company said Thursday that most people “don’t come to Facebook for news, and as a company it doesn’t make sense to overinvest in areas that don’t align with user preferences.” Meta, then called Facebook, launched the partnerships in 2019. The “News” section of Facebook’s mobile app only shows headlines, and nothing else, from The Wall Street…

Treasury Secretary Janet Yellen said Thursday that the US economy is in a state of transition, not recession, despite two consecutive quarters of negative growth. The recession, Yellen insisted, is a “widespread weakening of our economy” that includes substantial layoffs, business closings, strains on household finances and a slowdown in private sector activity. “That’s not what we’re seeing right now,” he said during an afternoon news conference at the Treasury. “When you look at the economy, job creation continues, household finances remain strong, consumers are spending and businesses are growing.” Those comments, however, came on the same day that the…

This is an opinion editorial by Ray Youssef, CEO of Paxful and co-founder of the Built With Bitcoin Foundation. Global wealth inequality is growing around the world. With inflation, conflict and the pandemic forcing many into extreme poverty, the top 1% are amassing more power than ever before. capturing almost 20 times more global wealth than the bottom 50%. And rising inflation is adding more fuel to the fire, with the U.S figures rising to 9.1%. While we’re all feeling its effects, many say lower-income households are feeling it the most, with tight budgets being hit by rising rent, gas…

Amazon shares rose more than 13% in extended trading Thursday after the company reported better-than-expected second-quarter earnings and an upbeat outlook. Here’s how the company did it: EPS: Loss of 20 centsIncome: $121.23 billion vs. $119.09 billion expected, according to Refinitiv Here’s how other key Amazon segments did during the quarter: Amazon Web Services: $19.7 billion vs. $19.56 billion expected, according to StreetAccountAdvertising: $8.76 billion versus $8.65 billion expected, according to StreetAccount Revenue growth of 7% in the second quarter beat estimates, bucking the trend among its Big Tech peers, which all reported disappointing results earlier Thursday. Apple, along with…

WASHINGTON (AP) – President Joe Biden on Thursday hailed a nascent Democratic package of climate, health care and tax initiatives as “a giant step forward” for the country as congressional leaders began voting on a bill campaign season law that they have presented as a big help for voters struggling with inflation. A day after Senate Majority Leader Chuck Schumer and conservative Sen. Joe Manchin stunned Washington by resurrecting components of a compromise many believed dead, early signs were encouraging for the party. After Schumer briefed Democratic senators on the 725-page measure, Sen. Chris Van Hollen, D-Md., said the reaction…

Stock futures rose on Thursday evening as Wall Street looked to end the week higher, boosted by strong quarterly reports from major technology companies. Futures linked to the Dow Jones Industrial Average gained 34 points, or 0.1%. S&P 500 futures rose 0.5%, while Nasdaq 100 futures rose 1%. Futures were supported by gains in extended trading in two of the market’s biggest stocks. Shares of Amazon and Apple rose after showing strong sales growth in cloud computing and iPhones, respectively, in their most recent quarters. The move in futures comes after a second straight rally in stocks. The Dow is…

BOSTON–(BUSINESS THREAD)–Pear Therapeutics, Inc. (the “Company”) (Nasdaq: PEAR), a leader in the development and commercialization of software-based medicines called prescription digital therapeutics (PDT), today announced that it will release its financial results for the second quarter of 2022 after the close of market on Thursday August. 11, 2022. Management will hold its investor conference call and webcast at 4:30 p.m. ET on the same day to discuss the company’s financial and business highlights. To access the live conference or webcast, participants must register online at https://investors.peartherapeutics.com/news-events/events-presentations. To avoid delays, we recommend that participants register fifteen minutes before the scheduled start…